Stock market today: S&P 500, Nasdaq hover near records as Nvidia becomes most valuable stock

US stocks held near record highs on Tuesday, as Nvidia surpassed Microsoft to become the most valuable public company. Both the S&P 500 and Nasdaq Composite climbed in afternoon trading, up about 0.3% and 0.2%, respectively, after the benchmark index secured its 30th record close of 2024 while the tech-heavy Nasdaq aims to build on a sixth straight record close. The Dow Jones Industrial Average also moved higher, up roughly 0.1%.

Still, it wasn't all positive news after May's retail sales numbers disappointed. Government data released on Tuesday showed that retail sales increased just 0.1%, missing economist expectations, Yahoo Finance's Josh Schafer reported. Meanwhile, April's numbers were revised to show a decline. It could be a sign of more consumer strain amid high interest rates and persistently stubborn inflation.

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